Upstream activity off Colombia's Caribbean coast will increase from 2016 as its major producers rebalance their focus away from the country's maturing onshore assets. A 25% reduced tax rate for offshore drillers announced by the Ministry of Mines and Energy (MINMINAS) on November 9 will encourage exploration. However, private investment into the Colombian offshore will be hindered by exploration and production (E&P) frms' increased focus on their core assets amid a broad industry downturn.
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